| | Strong growth in its Assurance business has lifted PricewaterhouseCoopers' UK turnover by nearly £200m, with the firm also reporting a 28% increase in revenues from its management consulting division.
PwC, Britain's largest accounting firm, reported a turnover of £1.78bn for the financial year to 30 June 2005, up 12% from last year. Average profit per partner was up 17% to £620,000.
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Strong growth in the Assurance business of 18% was generated in particular by advice on International Financial Reporting Standards and Sarbanes-Oxley amounting to approximately £100m. Tax returned to healthy growth of 8% due to a strong focus on its chosen markets, an improved economy and a more settled regulatory environment.
"In a buoyant marketplace we performed strongly across the board," said Kieran | |
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| | Poynter, the Chairman of PwC. "IFRS and Sarbanes-Oxley dominated the reporting and regulatory landscape for many of our clients and gave rise to a surge of growth for our Assurance business, though this is unlikely to be repeated."
Advisory, up 9%, enjoyed significant gains, in particular within Performance Improvement Consulting, which saw a 28% rise in turnover, offset by a 6% decline in Business | |
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| | Recovery Services, reflecting the benign UK economy and counter cyclical nature of that business.
"It was also good to see our Performance Improvement Consulting advisory services benefiting from increased market awareness, a wide range of project wins and the continued recruitment and development of high quality, specialist partners and staff," said Poynter.
"Just under half the | |
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| | firm's turnover continues to come from non-audit clients," he added.
The Performance Improvement Consulting division, with annual revenues which now exceed £100m, has been rebuilt since PwC sold its previous consulting arm to IBM in 2002. According to Poynter, unlike the old business, the consulting division won't be returning to IT implementation. | |
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